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Methods of Sales

By Rebecca Saunders

There are several different ways to sell your property, but essentially they can be grouped into two categories:

Marketing with a price or Marketing without a price?

AUCTION

  • Auctions allow a competitive bidding to increase the final sale price.
  • Absence of price reduces the risk of it being rejected on price
  • Definite date to bring buyer interest to a commitment
  • Catches interest in the early weeks of your home’s selling appeal
  • Creates competition which leads to a premium price
  • Most efficient Days of Market and highest success rate of all methods

PRIVATE TREATY

  • A private treaty sale is when a house is offered for sale at a negotiated price.
  • The normal practice is for the vendor to set a price, and you negotiate with them until a mutually agreeable price is reached.
  • Unlike auction, the potential buyers do not know what others may be offering for the property.
  • There is no distinct final day for the sale of the property.

TENDER

  • Tender is essentially a private ‘auction’ for your home.
  • The home is normally advertised for around 4 weeks.
  • An asking price is not disclosed for the home however a price guide is often given to interested buyers.
  • Potential buyers submit a bid for your home.
  • Unlike a public auction, all tender bids are ‘sealed’ and the parties cannot see each others bid.
  • The seller is able to choose the offer that best suits their circumstances or negotiate with a buyer using their bid as a starting point.
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